Russian Billionaire Files Appeal Over EU Sanctions
(Bloomberg) -- Russian metals billionaire Alisher Usmanov appealed the European Union's decision to impose strict sanctions on him in response to Russia's invasion of Ukraine.
Usmanov, who owns 49% of Metalloinvest, filed an appeal at the EU's General Court on April 29, asking the bloc's second-highest tribunal also to suspend the sanctions until judges make a final decision, according to a court filing. A spokesperson for Usmanov declined to comment.
His case is part of an increasing number of challenges at the Luxembourg-based court since the bloc issued its first round of sanctions on Feb. 28. RT, the Kremlin-backed TV network, already lost a bid to suspend an EU ban on its broadcasts in the 27-nation bloc.Â
EU court fights over sanctions can last years and seldom result in victory for those targeted. Former Ukraine president Viktor Yanukovych and his son remain on the EU's sanctions list since 2014, even after winning challenges to their inclusion on the 2020 version.
Germany has previously impounded Usmanov's superyacht Dilbar, valued at as much as $750 million.
Iran's Failure to Evade Sanctions Offers Little Hope for Russia
The EU announced Wednesday details of a sixth round of sanctions which includes plans to ban Russian crude oil over the next six months and refined fuels by the end of the year to further increase pressure on President Vladimir Putin.Â
The EU on Wednesday also proposed sanctioning Belarus's main potash producer, Belaruskali OAO, and its export arm, Belarusian Potash Co.
Usmanov was among several billionaires, including Alfa Group owners Mikhail Fridman and Petr Aven, and Severstal PJSC's Alexei Mordashov, that were targeted in the first round of EU penalties. Roman Abramovich has also been added to the EU list.
EU Squeezes Harder on Russia, Sweeping In Oil, Bank and Business
The case is: T-237/22, Usmanov v. Council.
©2022 Bloomberg L.P.
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